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WH message to Hu: Congressional action on currency reform coming

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September 03, 2010

WH message to Hu: Congressional action on currency reform coming

Samuels International Asia expert Chris Nelson writes in his must-read Nelson Report Friday that the upcoming trip to Beijing by National Economic Council director Larry Summers and deputy national security advisor Tom Donilon is about delivering one message: "to make sure Hu & Co undertand that Congress has run out of patience on the RMB valuation issue."

Larry Summers, the most important on-staff White House economic advisor, is leading a team which includes Deputy National Security advisor Tom Donilon to Beijing which has one basic mission: to make sure that President Hu and his team understand the continued determination of President Obama to "manage" relations to the mutual benefit of each country...manage on all levels financial, strategic and otherwise.

And Summers will carry one important message: to make sure Hu & Co understand that Congress has run out of "patience" on the RMB valuation issue, and that it will be politically unlikely (indeed, politically unwise) for Obama to use his currently diminished political capital to fight currency legislation.

So given Speaker Pelosi's well-known determination to pass a currency bill this fall in the House, it seems clear that Ways & Means chair Sandy Levin can be expected to move some version of Rep. Ryan's currency legislation, starting with the Sept. 15 hearing. ...

As a practical matter, all this adds up to more "leverage" for President Obama, since choices, decisions, will not likely reach a crisis point until the end of the Session, and perhaps hold over for the Lame Duck.

That means Obama can continue to use Congress as the "bad cop" right up to the G-20 on the long-standing US "themes" of not just RMB revaluation, but market opening and financial deregulation measures which have frustrated all of China's trading partners for the past decade.

This is a song the White House and Treasury have been singing for years, as you of course know...but this time, Congress may well provide the music. And who is to say that now, this isn't OK with Obama?


Ryan's currency legislation, starting with the Sept. 15 hearing. ...

HUH??????? ANOTHER HEARING!!! come on how much tax dollar is going to be spent on china BS!!!

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